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Free fucking childcare...
And healthcare
Europe got both, we are still below replacement rate.
Because it's a natural consequence of high education, lack of benefit for having a lot of kids, and our overall population having gotten too high.
I agree with this except for the bit about the size of the overall population. I can say with a great deal of certainty that most Americans (for example) are not giving a single thought to how many people live in China and India when deciding to have kids or not.
There is a third thing that people often miss in this discussion: legacy. If you own nothing then you have nothing to give to a child. The people who had the most children owned things, particularly land and business. The suburban nuclear families being as large as they were was a cultural artifact from their own parents' way-of-life, single-income households, and religious beliefs. It will not repeat itself.
With nothing to inherit, little individual hope for the future, a plurality of world leaders intent on pushing us into a world where "you will own nothing and you will be happy"... what did people expect would happen?